NACH Debit payments are processed and paid to merchants on the same day they are charged, or the next working day.
Payment can be created at any time and scheduled for a certain date. If the scheduled date is an NACH working day, that will be the charge date. Otherwise, LotusPay will automatically schedule the payment on the next NACH working day.
NACH working days are identical to RTGS working days. RTGS working days include Monday to Friday, first, third and fifth Saturdays of each calendar month, and exclude national holidays and some other holidays as determined by the Reserve Bank of India (RBI).
Payments are submitted to the banking system on the charge date, if the mandate is active and if no mandate cancellation has been requested.
For subscription-linked payments:
- The day before the charge date: Subscription creates payment at 9am. You may cancel it during the next 24 hours.
For ad hoc payments:
- Charge date: Ad hoc payment submission deadline is 9am.
For subscription-linked payments and ad hoc payments:
- Charge date: LotusPay submits all payments to the banking system shortly after 9am. Funds are received usually between 7pm and 10pm.
For settlement timings, click here.